Utility Trucks Market Report and Forecast 2024-2032

Global Utility Trucks Market Report and Forecast 2024-2032

Market Outlook

According to the report the global utility trucks market grew significantly in 2023. Aided by the escalating urbanisation, infrastructure development, and the increasing demand for versatile vehicles in numerous industries, the market is projected to further grow at a CAGR of 8% between 2024 and 2032 to reach a value of about USD 127.41 billion by 2032.

Utility trucks, often termed as service vehicles, are primarily designed to carry out specific tasks, often supplemented with equipment essential for the job. This can range from garbage trucks, fire trucks, cherry pickers, and other vehicles equipped with specialised tools. These trucks have become indispensable in urban environments, aiding in tasks related to maintenance, repair, and essential services. Their very design is a testament to functionality, efficiency, and specificity.

One significant driver propelling the global utility trucks market demand is the rapid urbanisation across various regions. As cities expand and infrastructure becomes more complex, there is a burgeoning need for specialised vehicles that can navigate urban landscapes and perform specific tasks – be it fixing an overhead power line, collecting garbage, or attending to a fire emergency.

Furthermore, the diversification of industries and the expansion of city services have been pivotal. Utility trucks have become essential in sectors like telecommunications, waste management, and public safety. The telecommunication sector, for instance, relies heavily on bucket trucks to install and maintain overhead lines, while municipalities invest in garbage trucks to manage and dispose of waste efficiently.

The continual advancements in technology have also been a boon to the utility trucks market growth. Today's vehicles come equipped with enhanced hydraulic systems, improved lifting capacities, and advanced telematics, making operations more efficient, safe, and user-friendly. Moreover, the integration of electric and hybrid drivetrains is beginning to reshape the utility trucks landscape, given the global shift towards sustainable transportation.

Digital transformation is posing a positive impact on the utility trucks market outlook. Advanced telematics systems are being incorporated into utility trucks, allowing for real-time tracking, predictive maintenance, and better fleet management. Such innovations not only extend the lifespan of the vehicle but also ensure optimum utilisation, reducing operational costs in the long run.

Market Segmentation

The market can be divided based on product, engine type, and region.

Market Breakup by Product

• Garbage Trucks
• Fire Trucks
• Dump Trucks
• Sweeper Trucks

Market Breakup by Engine Type

• ICE (Diesel/Gasoline/CNG/Hybrid) Engine
• Electric Engine

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global utility trucks market. Some of the major players explored in the report are as follows:

• Volvo Group
• Aebi Schmidt Holding AG
• Bucher Municipal AG
• BYD Motors Inc.
• Daimler AG
• Magirus GmbH
• Oshkosh Corporation
• Rosenbauer International AG
• Others